The National Bank approved the main directions of monetary policy for 2027

The main directions of the monetary policy of Belarus for 2027 were approved by the Board of the National Bank of October 16, 2026 No. 213. The document reveals the direction of the National Bank’s actions to achieve the target indicators approved by Presidential Decree No. 343 dated September 30, 2026. This was reported in the National Bank, writes sb.by.

The National Bank will continue to regulate the money supply. Its volume will correspond to the real needs of the economy, without leading to increased prices.

Improving the stability of the financial sector will contribute to the implementation of macro- and microprudential policies focused on monitoring compliance by banks, non-bank credit and financial institutions, OJSC Development Bank of the Republic of Belarus with the requirements established by law, risk assessment and quality of risk management, taking the necessary response measures.

The implementation of measures to develop the banking and non-banking sectors of the financial market will continue. Infrastructure and regulatory changes implemented in 2026 will facilitate the entry of new organizations into the market.

Particular attention will be paid to ensuring the reliable and safe functioning of the payment market and the provision of payment services by improving the legal framework and oversight of payment systems, conducting oversight events and monitoring activities in the field of payment systems and payment services.

To provide credit support to the real sector of the economy, banks will continue to form a stable resource base. The focus will remain on attracting resources with a long shelf life by offering individuals attractive conditions for deposits (deposits). It is also planned to develop new long-term savings instruments for citizens.

Banks will be aimed at strengthening interaction with enterprises and the population to meet their solvent demand. Support for business entities, primarily investment activity, will remain among the priorities. In lending to the population, an increase in the volume of loans issued by banks for the purchase of Belarusian goods will remain a key area.

In the main directions of the monetary policy of Belarus for 2027, forecast indicators characterizing the monetary sphere are presented. In accordance with the terms of the macroeconomic scenario, which are the basis of the most important indicators and parameters of the socio-economic development of the country for 2027, approved by Presidential Decree No. 342 of September 30, 2026, and the draft republican budget for the coming year, an assessment of the values of the main monetary indicators is given.

In particular, the growth of the average broad money supply is 14-16%, the increase in the requirements of banks to the economy is 11-13%, including to legal entities - 12-14%, individuals - 10-12%. The interest rate on new investment loans of banks (excluding loans provided on preferential terms) is 9.3-9.8% per annum. The share of consumer loans for the purchase of goods of Belarusian producers in the total volume of consumer lending is at least 14%. The share of fixed-term irrevocable bank deposits (deposits) with a period of return of more than three years in the balances of fixed-term irrevocable bank deposits (deposits) of individuals in Belarusian rubles with a period of return of more than a year is at least 10%.

“In general, in 2027, the formation of appropriate conditions in the monetary sphere will contribute to the sustainable economic development of Belarus,” the National Bank concluded.